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ATLAS CORPORATION REPORTS PRESIDENT RESIGNS; SUBSTANTIAL LOSSES CONTINUE

 DENVER, Feb. 10 /PRNewswire/ -- Atlas Corp. (NYSE: AZ) announced today that Richard R. Weaver has resigned as the company's president and chief executive officer. Gary E. Davis, an Atlas vice president, has been appointed coordinating executive officer, and Douglas R. Cook, a long-time Atlas director, has been appointed non-executive chairman.
 Atlas is engaged in the gold mining business in Nevada. It has been experiencing substantial operating losses as a result of the continuing low market price of gold and recent serious declines in the quality of ore which the company has been mining. In October Atlas leased two of its undeveloped properties for an aggregate of $30 million, which enabled it to pay its bank obligations in full. However, the company's continuing losses have put significant pressure on the company's working capital position. The company expects to report a net loss before giving effect to the lease transaction of approximately $3,594,000 for the quarter and $5,989,000 for the six months ended Dec. 31, 1992, and net income after giving effect to the lease transaction of approximately $13,609,000 for the quarter and $11,214,000 for the six months ended Dec. 31, 1992.
 Atlas' board of directors commissioned an independent operational audit in January, and the preliminary report of that audit indicates that the company will have serious financial difficulties in the near term unless it raises additional working capital or establishes a joint venture which addresses Atlas' financial needs. The company has undertaken an action program in this regard.
 -0- 2/10/93
 /CONTACT: Robbin A. Lee, or Atlas Corp., 303-825-1200/
 (AZ)


CO: Atlas Corp. ST: Colorado IN: MNG SU: PER

JB-KJ -- DV008 -- 4983 02/10/93 08:01 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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